Narrow search
Showing 1 - 10 of 503
Cover Image
Monetary policy with reserves and CBDC : optimality, equivalence, and politics
Niepelt, Dirk - 2020
reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline …
Persistent link: https://www.econbiz.de/10012318352
Cover Image
Fighting inflation more effectively without transferring central banks' profits to banks
De Grauwe, Paul; Ji, Yuemei - 2023
The major central banks now operate in a regime of abundance of bank reserves. As a result, they can only raise the money market rate by increasing the rate of remuneration of bank reserves. This, in turn, leads to large transfers of the central banks' profits (and more) to commercial banks that...
Persistent link: https://www.econbiz.de/10014422581
Cover Image
Banking panics and liquidity in a monetary economy
Matsuoka, Tarishi; Watanabe, Makoto - 2017
This paper studies banks' liquidity provision in the Lagos and Wright model of monetary exchanges. With aggregate …
Persistent link: https://www.econbiz.de/10011747458
Cover Image
Connected lending of last resort
Mitchener, Kris; Monnet, Eric - 2023
November 1930, the Banque de France (BdF) lent selectively rather than broadly, providing substantially more liquidity to …
Persistent link: https://www.econbiz.de/10013494187
Cover Image
CBDC and the operational framework of monetary policy
Abad, Jorge; Nuño, Galo; Thomas, Carlos - 2024
We analyze the impact of introducing a central bank-issued digital currency (CBDC) on the operational framework of monetary policy and the macroeconomy as a whole. To this end, we develop a New Keynesian model with heterogeneous banks, a frictional interbank market, a central bank with deposit...
Persistent link: https://www.econbiz.de/10014456302
Cover Image
A monetary equilibrium with the lender of last resort
Matsuoka, Tarishi; Watanabe, Makoto - 2023
reserves (a liquidity crisis) occurs endogenously. We show that discount window lending by the LLR is welfare-improving but … reduces banks' ex-ante incentive to hold monetary reserves, which increases the probability of a liquidity crisis, and can …
Persistent link: https://www.econbiz.de/10014283905
Cover Image
Limits of monetary policy autonomy by East Asian debtor central banks
Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2012
thereby increase surplus liquidity. East Asian central banks with more flexible exchange rate regimes also face surplus … liquidity that mainly emanates from past accumulation of foreign reserves. We show based on an augmented Barro …-Gordon-type central bank loss function that in both cases surplus liquidity limits monetary policy autonomy. In case of fixed exchange …
Persistent link: https://www.econbiz.de/10009500749
Cover Image
Central bank swap lines
Bahaj, Saleem; Reis, Ricardo - 2018 - First draft: October 2017
Swap lines between advanced-economy central banks are a new important part of the global financial architecture. This paper analyses their monetary policy effects from three perspectives. First, from the perspective of the central banks, it shows that the swap line mimics discount-window credit...
Persistent link: https://www.econbiz.de/10011867130
Cover Image
Debt recovery in firm liquidations : do liquidation trustees matter?
Cepec, Jaka; Grajzl, Peter; Zajc, Katarina - 2016
Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the functioning of insolvency regimes worldwide is sparse. We investigate whether creditors' recovery of outstanding claims, a measure of ex-post efficiency of an insolvency regime,...
Persistent link: https://www.econbiz.de/10011518156
Cover Image
Behavioural credit cycles
Delli Gatti, Domenico; Iannotta, Gabriele - 2022
We explore the intertwined dynamics of asset prices and the macroeconomy in a Behavioural model of Credit Cycles (BCC) characterized by a credit friction à la Kiyotaki and Moore and heterogeneous expectations cum heuristic switching à la Brock and Hommes. This behavioural approach allows to...
Persistent link: https://www.econbiz.de/10013380476